Ukraine war: Shell to withdraw from Russian oil and gas
- By Reuters -
- Mar 08, 2022
Shell on Tuesday apologised for buying Russian crude oil last week and said it would withdraw completely from any involvement in Russian hydrocarbons over the country’s invasion of Ukraine.
“We are acutely aware that our decision last week to purchase a cargo of Russian crude oil … was not the right one and we are sorry,” Shell Chief Executive Officer Ben van Beurden said.
The British energy major said it would change its crude oil supply chain to remove volumes from the sanctions-hit country “as fast as possible” and shut its service stations, and aviation fuels and lubricants operations in Russia.
The company said the change could take weeks to complete and will lead to reduced throughput at some of its refineries.
What would a US ban on Russian oil mean for the world?
The possibility that the United States might ban Russian oil imports has triggered a surge in Brent crude to almost $140 a barrel, its highest level since 2008.
Russia is the world’s top exporter of crude and oil products combined, at around 7 million barrels per day (bpd ) or 7% of global supply.